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Specialist moves after 18 years in the market
New dangers are making deals harder to do, but pricing for the haves is still tight
Manager refinances 2023 deal, reset in 2024
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Investcorp's Credit Management business is one of the largest CLO issuers in Europe, with 24 deals under its belt, and a firm focus on the large cap, broadly syndicated market. GlobalCapital spoke to its boss, veteran leveraged finance investor and banker Jeremy Ghose, about how the coronavirus crisis has changed the LBO market, what CLOs will look like in the future, and the grim outlook for direct lending. -
Investcorp said on Tuesday it had raised a new €318m loan fund to acquire "high performing loans at discounted levels" from large cap issuers in the European market. The fund will be leveraged and aim for returns in the mid teens.
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UniCredit has appointed a new head of non-investment grade syndicate, after Carlo Fontana was promoted to global head of syndicate in March.
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For a failing business, the coronavirus pandemic has offered the perfect excuse. With so many well-managed companies forced to close their doors during lockdowns, record unemployment across several countries and a severe global recession on the cards, who can blame a management team or its backers when a corporate is on the edge of collapse?
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European corporates are asking lenders to switch their loans to semi-annual interest payments, in some cases, which could feed through to CLO coupons as well.
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Telepizza bonds sold off by around 30 points on Monday on news that the company had appointed restructuring advisers, available liquidity was sharply lower than the market had expected, and the company needed around €100m of new money to stay in business — slightly less than the €130m dividend it paid last year after KKR took the Spanish pizza chain private.
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